Mr.A is a businessman white turnover is 80 lakhs in PY 17-18. He properly maintains his book of accounts as required u/s 44 AA and his P& L A/c shows 5.5%.
Whether Mr.A is also liable to tax audit?
It is clear that one who is covered under sec 44 AD and shows his profit at less than 8% or having turnover greater than 2 cr., then liable to tax audit u/s 44AB but the real query is: Where it has been written in IT ACT that one with turnover less than Rs 1 crore have to get their accounts audited if profit shown is less than 8%?
CAclubindia
